Oceanus Group Limited Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Aug 13 15
Oceanus Group Limited reported unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported sales of aquaculture products of RMB 914,000 compared to RMB 829,000 a year ago. Loss before income tax was RMB 9,200,000 compared to RMB 71,906,000 a year ago. Loss was RMB 9,136,000 compared to RMB 52,071,000 a year ago. Loss attributable to equity holders of the company was RMB 21,175,000 compared to RMB 58,177,000 a year ago. Cash flows used in operating activities were RMB 5,868,000 compared to RMB 5,613,000 a year ago. Loss per share on based on fully diluted basis was RMB 0.25 compared to RMB 1.43 a year ago. Adjusted EBITDA was RMB 3,559,000 compared to adjusted LBITDA of RMB 5,153,000 in the last quarter.
For the six months period, the company reported sales of aquaculture products of RMB 1,054,000 compared to RMB 948,000 a year ago. Loss before income tax was RMB 70,195,000 compared to RMB 90,973,000 a year ago. Loss was RMB 70,116,000 compared to RMB 69,209,000 a year ago. Loss attributable to equity holders of the company was RMB 38,645,000 compared to RMB 91,713,000 a year ago. Cash flows used in operating activities were RMB 11,299,000 compared to RMB 13,176,000 a year ago. Loss per share on based on fully diluted basis was RMB 1.93 compared to RMB 1.93 a year ago.
Oceanus Group Limited Enters into Memorandum of Understanding with Biovalence Sdn. Bhd. in Relation to the Setting Up of Joint Venture Company
Jun 11 15
The Board of Directors of Oceanus Group Limited announced that it has entered into a Memorandum of Understanding (the MOU) with BioValence Sdn. Bhd. (BioValenc) in relation to the setting up of a joint venture company based in the People's Republic of China (the 'PRC') for the distribution of shrimp in the PRC. Under the MOU, BioValence and the company shall use their best to incorporate the China SPV and execute the definitive agreement in relation to the Joint Venture as soon as practicable, but in any event within one year from the date of the MOU, unless otherwise agreed between the parties. Following the entry into the MOU on January 8, 2015, the parties have recently concluded their feasibility studies and have initiated discussions in relation to implementation plans with a view to finalising the definitive agreement to launch the Joint Venture in early 2016. The key terms of the MOU include, inter alia, the following: BioValence and the Company shall hold 60% and 40% respectively of the China SPV, which shall operate as an independent profit centre. The operating expenditure of the China SPV shall be limited to a 60:40 participation respectively and injection of funds up to a maximum of USD 1,000,000. Further operating expenses shall be funded through sales revenue; BioValence shall establish a facility suitable for the production of RSPF shrimp in Penang (the Penang Facility) with a capacity to supply up to 500,000 RSPF juveniles or 75% of the estimated annual China SPV demand, whichever is higher. BioValence shall also provide the necessary technology and RetroMAD1 as may be required for the joint venture; the company shall provide the necessary infrastructure for the China SPV, including its summer growing facilities for the RSPF juveniles and over-wintering facilities for the broodstock. The China SPV will bear any infrastructure changes needed to facilitate the culture of RSPF juveniles and broodstock; the company shall be responsible for the import of the RSPF juveniles into the PRC by putting forward purchasing orders at RM50 per piece or at a price agreed by the parties for the first four (4) years. The RSPF juveniles will then be sold by the company to the China SPV at RM60 per piece; and the China SPV shall sell the broodstock to various hatchery owners in the PRC at a price based on the market rate.
Oceanus Group Limited Announces Executive Changes
Jun 8 15
The Board of Directors of Oceanus Group Limited announced that the Nominating Committee of the company has reviewed the independence of Mr. Kee Poir Mok and Mr. Wong Ann Chai and determined that they are qualified as Independent Directors in accordance with Guideline 2.3 of the Code of Corporate Governance 2012. Based on the recommendation of the Nominating Committee, the Board approved the re-designation of both Mr. Kee Poir Mok and Mr. Wong Ann Chai from Non-Executive Directors to Independent Directors with effect from June 8, 2015. The Board also announced that the Nominating Committee has reviewed the composition of the Board and recommended the appointment of Mr. Alvin Yeo Kan Yen as the Lead Independent Director in line with the Guideline 3.3 of the Code of Corporate Governance 2012. Based on the recommendation of the Nominating Committee, the Board of Directors approved the appointment of Mr. Alvin Yeo Kan Yen as the Lead Independent Director with effect from June 8, 2015.